With the continuing maturation of national and state-level policy, India is now at the forefront of emerging solar markets globally. India's total solar installations to expand from just 54 MW in 2010 to more than 3,000 MW by 2016. 

The India Solar Market: Strategy, Players, and Opportunities report is a comprehensive analysis of the market's emergence and includes the latest on solar policy roadmaps, demand drivers, domestic manufacturing and technology positioning. It also features primary perspectives on the market's most pressing questions, from interconnection and permitting to off-grid and rural solar solutions.

Forming a coherent model to capitalize on India's gigawatt-scale expansion will be crucial for global firms looking to enter the market in the coming years. While currently dominated by lesser-known local players, the competitive landscape has already engendered a series of domestic-foreign partnerships and JVs that are becoming the entry models of choice for industry incumbents. This report pinpoint the opportunities, timeframe and obstacles for industry leaders looking for meaningful entry into the scaling Indian market.

VALUE-ADDED ELEMENTS

• Demand forecasts by state through 2016.
• Detailed policy analysis on India's National Solar Mission (NSM) and state-level analysis on Gujarat, Rajasthan, Karnataka, Tamil Nadu, Maharashtra, Orissa, Delhi and Andhra Pradesh.
• Factors affecting project bankability and the models that developers and financiers are employing to achieve bankability.
• Analysis of the competitive landscape for project developers, as well as foreign developer and EPC strategies for engaging the market.
• Breakdown of India's domestic module market, with domestic production share by manufacturer.
• Examination of opportunities in off-grid solar, including telecom tower and rural electrification markets.

QUESTIONS FOR COMPETITIVE DECISION-MAKING

• When can the global solar industry expect Indian demand to ramp up?
• What are the strategic entry models available for gaining an early foothold in the market?
• Which states provide the most stable solar policies and advantageous incentive regimes?
• Why is project bankability a problem in India, and what are the keys to achieving it?
• How are supply-side domestic content requirements shaping up?
• Do distributed solar markets, such as rural electrification, provide meaningful business opportunities?

TABLE OF CONTENTS

1. INTRODUCTION

    1.1 Overview
    1.2 Historical Growth of the Solar Market in India
    1.3 Report Key Findings

2. POLICY ANALYSIS

    2.1 The National Solar Mission (NSM)
    2.2 The Gujarat Solar Policy
    2.3 The Rajasthan Solar Policy
    2.4 The Karnataka Solar Policy
    2.5 Potential for New Policies
        2.5.1 Tamil Nadu
        2.5.2 Maharashtra
        2.5.3 Orissa
        2.5.4 Delhi
        2.5.5 Andhra Pradesh

3. LATEST MARKET DEVELOPMENTS

    3.1 National Solar Mission
    3.2 Gujarat

4. MODULE MANUFACTURING IN INDIA

    4.1 Current Capacity
    4.2 Pricing and Competitiveness

5. PROJECT VIABILITY IN INDIA

    5.1 Risks Affecting Viability

6. BANKABILITY & FINANCING IN THE INDIAN MARKET

    6.1 Bankability of Projects
    6.2 Players and Financing Options in the Market
    6.3 Examples of Project Financing
    6.4 Outlook
    6.5 Resale of PPAs
        6.5.1 PPA Resale Market
        6.5.2 Prices
        6.5.3 Resale Process and Risks
    6.6 The Domestic Content Requirement in India
    6.7 Technology Trends
        6.7.1 Off-Take Options in India
        6.7.2 Feed-In Tariffs
    6.8 Renewable Energy Certificates
    6.9 Outlook

7. THE OFF-GRID SOLAR MARKET

    7.1 Electricity Cost
    7.2 Subsidies
    7.3 Captive Power Plants
    7.4 Telecom Towers
    7.5 Rural Electrification

8. DOWNSTREAM INDUSTRY ANALYSIS

    8.1 Downstream-Integrated Module Manufacturers
    8.2 Independent Power Producers
    8.3 State Utilities
    8.4 Pure-Play Developers
    8.5 EPC Players
    8.6 Foreign Module Suppliers in India

9. DEMAND ANALYSIS

    9.1 Overall Power Demand in India
    9.2 Solar Demand
    9.3 Challenges
    9.4 Conclusion

10. APPENDIX 1: GLOSSARY OF TERMS


LIST OF FIGURES

1. INTRODUCTION

    Operating Indian Large-Scale PV Projects as of September 2011
    First Phase NSM Bid Winners
    Status of the States
    Current Module Production Capacity by Supplier
    Off-Grid Market Options
    India Project Developer Taxonomy
    Annual PV Installation Forecast, 2011-2017

2. POLICY ANALYSIS

    India PV Policy Comparison
    PV Projects Under the NSM Migration Scheme
    Overview of First Round NSM Bid Winners
    Gujarat Solar Policy Overview
    Gujarat Solar Policy Tariff Levels
    Gujarat (Phase I and II) vs. NSM Program (Phase I, Batch I) Event Timelines
    Rajasthan Overview
    Bundling of Power
    Karnataka Overview
    State-by-State Market Status and Potential
    Tamil Nadu Overview
    Maharashtra Overview
    Orissa Overview
    Delhi Overview
    Andhra Pradesh Overview

3. LATEST MARKET DEVELOPMENTS

    PV Projects Under Phase I of the NSM
    Gujarat Market Barriers
    PV Projects Allotted Under the Gujarat Solar Policy
    Charanka (Gujarat) Solar Park Projects

4. MODULE MANUFACTURING IN INDIA

    Current India Module Production Capacity by Manufacturer
    Current Cell Capacity in India

5. PROJECT VIABILITY IN INDIA

    India PV Project Viability at Different Tariff Rates
    Primary Project Risks Impacting Viability

6. BANKABILITY & FINANCING IN THE INDIAN MARKET

    Issues Impacting Project Bankability
    India Project Financier Taxonomy

7. THE OFF-GRID SOLAR MARKET

    Off-Grid PV-Market: Potential and Market Entry Barriers
    Off-Grid Technology Cost Comparison
    Benchmark Cost and Maximum Grant by MNRE Guideline for 2010-2011
    Subsidies Under the Off-Grid Scheme
    Forecast of Payback Period for PV Systems for Telecom Towers
    Market Share of Telecom Tower Infrastructure Suppliers
    Breakdown of Solar Rural Electrification Applications

8. DOWNSTREAM INDUSTRY ANALYSIS

    India Utility PV Developer Taxonomy
    Project Pipeline by Developer
    Module Supplier Comparison in Indian Market

9. DEMAND ANALYSIS

    India's Energy Deficit, 1980-2020
    Potential State-by-State Demand Based on State RPOs
    Projected Annual PV Installations in India by Program, 2011-2016